TOKYO, November 15, 2011 – Innovation Network Corporation of
Japan (“INCJ”), Hitachi, Ltd. (“Hitachi”), Sony Corporation (“Sony”) and
Toshiba Corporation (“Toshiba”) announced today that they have signed
definitive agreements to integrate their small- and medium-sized display
businesses in a new company to be established and operated by INCJ,
which is planned to be named Japan Display Inc. (“Japan Display”).

Pursuant to the definitive agreements, all of the issued shares of
certain subsidiaries of Hitachi, Sony and Toshiba engaged in the small-
and medium-sized display business (i.e., Hitachi Displays, Ltd., Sony
Mobile Display Corporation and one other Sony subsidiary*, and Toshiba
Mobile Display Co., Ltd., collectively referred to as the “Subject
Subsidiaries”) and other assets are planned to be transferred to Japan
Display, in which each of the four companies INCJ, Sony, Toshiba and
Hitachi will invest. INCJ, as a public-private partnership that provides
financial, technological and management support for next-generation
businesses, will invest a total of 200 billion yen in Japan Display in
exchange for shares to be newly issued to INCJ by Japan Display as a
third-party allotment.

Japan Display is expected to utilize the world’s best high value-added
technologies of the Subject Subsidiaries and establish new production
lines by utilizing funds provided by INCJ, in order to meet the market
demand for high value-added products. In addition, through efficient use
of the existing production capabilities of the Subject Subsidiaries,
Japan Display aims to improve its cost competitiveness to solidify its
position as a global leading company in the small- and medium-sized
display market. The business is scheduled to begin operations in Spring
of 2012, subject to the receipt of any necessary government approvals.

Outline of Japan Display (as currently planned):

Start of business:

Spring 2012

Name:

Japan Display Inc.

Address:

Tokyo

Capital:

230 billion yen (including legal capital surplus)

CEO:

Shuichi Otsuka

Shareholders (voting rights):

INCJ (70%), Hitachi (10%), Sony (10%), Toshiba (10%)

Business:

Development, design, production and sale of small- and medium-sized
display devices and related products

About Innovation Network Corporation of Japan
(INCJ)INCJ was established in July 2009 as a
public-private partnership that provides financial, technological and
management support for next-generation businesses. INCJ specifically
supports those projects that combine technologies and varied expertise
across industries and materialize open innovation. INCJ has the capacity
to invest up to 900 billion yen (approx US$12 billion).

To date, INCJ has invested approximately 325 billion yen in a total of
19 projects and is currently focused on a broad range of areas from
green energy, electronics, IT and biotechnology to
infrastructure-related sectors such as water supply. INCJ maintains a
hands-on approach to investment, engaging in the business development of
cutting-edge core technologies through intellectual property funds,
expansion of venture companies and aggressive overseas development
through initiatives such as restructuring and mergers of tech businesses
and acquisitions of foreign companies.

* The Subject Subsidiaries that will be involved in this business
integration also include Sony Mobile Display (Suzhou) Co., Ltd., a
wholly-owned subsidiary of Sony which is engaged in the small- and
medium-sized display business in Suzhou, China. The equity transfer is
scheduled to occur after the start of operations of Japan Display.**
Information as of the date of announcement. Closer to the completion of
the business integration, Sony plans to transfer its small- and
medium-sized LCD device business to Sony Mobile Display Corporation,
while the OLED display device business of Sony Mobile Display
Corporation will be transferred to Sony or its subsidiary with the
exception of part of the OLED display device production process.